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Interim vs Permanent Finance Hires: What's right for your business?

Having specialised in placing senior interim accountants in Yorkshire for over 20 years, I’ve seen all kinds of reasons behind the need for a business to recruit new finance staff but how many of those companies made the right call….at the right time? The decision to hire an interim or permanent finance professional is a significant one, and it largely depends on the company’s specific needs, objectives, and resources. Both types of finance jobs have distinct advantages and can provide different types of value to an organisation. In this article, I’ll explore the key benefits of hiring an interim vs a permanent accountancy and finance professional. ​Understanding the Roles: Interim vs. Permanent Finance Professionals Before diving into the benefits, it's essential to understand the fundamental differences between interim and permanent. Interim Finance Professionals: are typically brought in on a short-term basis to address specific challenges or temporary gaps within a company.These professionals are usually highly experienced, often with a broad skill set, and are capable of stepping into a role quickly. Interim finance professionals might be hired for a variety of reasons, including covering for a permanent employee on leave, assisting with a specific project, managing transitions, or handling urgent financial needs. Permanent Finance Professionals: on the other hand, are hired to take on a long-term role within the company. They typically have a more stable and ongoing relationship with the organisation, working closely with other departments and employees to ensure the company’s financial health is maintained and improved. A permanent finance professional is expected to provide continuous support, helping shape long-term strategies, and ensuring business growth and stability. ​With these definitions in mind, let's explore the benefits of each type.​Benefits of Hiring an Interim Finance Professional 1. Flexibility and Immediate Impact: One of the most significant advantages of hiring an interim accountancy/finance candidate is flexibility. Interim candidates are typically available to step in quickly, often within a matter of weeks or even days. This is especially beneficial for businesses that need immediate support within their finance function due to an unexpected situation or an urgent financial project. For example, if a company faces a sudden crisis, such as the resignation of a senior finance executive, a business owner might need an interim finance leader to fill the role temporarily. The interim candidate can quickly assume responsibilities, such as overseeing cash flow management, financial reporting, and budget planning, allowing the business to continue operating smoothly during the transition period. Additionally, interims can be engaged for specific, short-term projects, such as managing the implementation of a new financial system, preparing for audits, or dealing with temporary increases in workload. The flexibility of interim senior finance roles makes them ideal for businesses looking to meet specific short-term goals without the need to commit to a permanent hire. ​2. Cost-Effective for Short-Term Needs Hiring an interim accountant can often be more cost-effective than hiring a permanent one, particularly for short-term or project-based needs. Interims are typically paid a daily or weekly rate, which means businesses do not need to cover the long-term costs associated with a permanent employee, such as pensions, healthcare, and other benefits. For companies operating on tight budgets or with fluctuating financial demands, hiring an interim professional can be a way to access high-level expertise without committing to the ongoing costs of a permanent hire. This is particularly valuable for small and medium-sized enterprises (SMEs) that may not have the financial capacity to employ a full-time senior finance professional with the expertise required to fulfil their requirements. ​3. Expertise and Specialisation Interim finance professionals often bring a wealth of experience and unique knowledge to the table. Many have worked across various industries, providing them with a broad understanding of different financial challenges and solutions. Their expertise enables them to quickly assess the situation, identify the key issues, and implement strategies that can drive immediate improvements. Whether it’s managing complex financial reporting, overseeing mergers and acquisitions, or implementing cost-saving initiatives, interim finance professionals possess the necessary skills to tackle these challenges quickly and effectively. For businesses that require specialised financial expertise on a temporary or interim basis, hiring an interim professional can be a great solution. ​4. Support During Transitions and Change Businesses that are going through periods of change—whether it’s a merger, acquisition, restructure, or IT system upgrade—can benefit from the support of an interim finance professional. These transitions often require specialist knowledge to ensure a smooth process. They can help with tasks such as conducting due diligence, integrating financial systems, or managing financial communications with stakeholders. Their ability to handle high-pressure situations and adapt to challenges quickly makes them invaluable during periods of change. ​5. Reduced Recruitment Risk If a business is uncertain about hiring a permanent employee or simply wants to test the waters, hiring an interim can reduce the recruitment risk. They are often hired for their ability to deliver results quickly, without the long-term commitment that comes with a permanent role. If the business is not satisfied with the interims performance, they can simply replace them without the added complications that come with a permanent hire. This can be especially important for businesses that may be unsure about the long-term financial strategy or need time to evaluate the suitability of a new hire before committing to them permanently. ​Benefits of Hiring a Permanent Finance Professional 1.Long-Term Strategic Support ​A permanent finance hire, hopefully, becomes an integral part of the company’s long-term strategy. This individual will be responsible for the company’s ongoing financial health, working closely with management to shape business decisions, optimise financial performance, and align the company’s financial goals with its strategic objectives. Permanent finance professionals can help businesses by offering consistent advice on areas like tax planning, financial forecasting, and long-term investment strategies. They can also assist with employee development, fostering a strong financial team, and providing training and mentorship to junior staff members. For businesses that require a stable, long-term financial presence to guide growth and sustainability, hiring a permanent finance professional is often the best option. ​2.Stronger Company Culture and Relationships One of the key benefits of having a permanent employee is their ability to build strong relationships within the company. Unlike interim professionals, who may only interact with a limited number of people during their contract, permanent professionals have the time to embed themselves within the company culture and form deeper connections with other employees, teams, and departments. A permanent finance professional can work collaboratively with other departments, helping to align financial strategies with broader business objectives. Over time, they develop a deep understanding of the business’s operations, challenges, and goals, which allows them to make more informed decisions and offer tailored financial advice. ​3.Continuity and Stability Hiring a permanent finance professional ensures continuity and stability in your company’s financial management. This is especially important for businesses that require ongoing oversight and management of financial processes. A permanent professional will have a long-term commitment to the company’s financial success, ensuring that key financial tasks—such as budgeting, reporting, and compliance—are consistently handled. Stability is particularly important businesses that require ongoing financial planning and risk management. A permanent finance professional will be able to navigate both the everyday challenges and the long-term issues that might arise, such as economic downturns, changes in regulation, or shifts in market conditions. ​4.Deeper Understanding of the Business A permanent finance hire has the time to truly understand the intricacies of the business. Over time, they become deeply familiar with the company’s goals, challenges, and nuances, which allows them to make better financial decisions and anticipate potential issues. This in-depth knowledge helps to align financial decision-making with the company’s vision, ensuring that financial strategies support business growth in a meaningful way. Businesses that operate in competitive industries or rapidly changing markets can benefit from having a finance professional who is attuned to the local market conditions and the specific needs of the business. ​5.Employee Retention and Development A permanent finance professional is often tasked with developing and mentoring junior employees. By investing in the development of the finance team, they help ensure that the company has a pipeline of talent to support future growth. For businesses that plan to scale or expand their operations, having a permanent finance professional who can recruit, train, and develop a team of skilled finance staff is a key advantage. This helps build a more robust and capable finance function within the company, which is especially important for long-term success. ​​​Interim vs. Permanent Finance Professionals Both interim and permanent finance candidates offer unique benefits to businesses, and the choice between the two largely depends on the company’s specific needs and goals. Interim finance professionals provide flexibility, expertise, and cost-effectiveness for businesses that need short-term support or specialised assistance. They are particularly well-suited for project-based work, transitional periods, or covering gaps in the workforce. On the other hand, permanent finance professionals offer long-term strategic support, stability, and the ability to foster strong relationships within the company. They are ideal for businesses seeking continuous guidance on financial matters, long-term growth, and the development of a cohesive financial strategy. ​Ultimately, the right choice for your business will depend on factors such as the scope of the work required, the financial health of your organisation, and your long-term goals. By carefully weighing the advantages of both options, you can make an informed decision that best supports the success of your business. ​Need help deciding whether an interim or permanent finance professional is right for your business? At Sharp Consultancy, we’ve been advising and supporting businesses across Yorkshire for over 30 years—matching them with the right finance professionals at the right time. Whether you need immediate interim support or are planning a strategic permanent hire, our teams in Leeds and Sheffield can guide you through the options. 📞 Call us today on 0113 236 6300 / 0114 261 1700 or 📧 email stuartdouglass@sharpconsultancy.com to discuss your hiring needs with one of our expert consultants. ​Sharp Consultancy is a specialist finance and accountancy recruitment partner for businesses across Yorkshire and the North East Midlands. With a deep understanding of the local market and access to a network of high-calibre professionals, we help organisations secure the talent they need to succeed. If you're looking to strengthen your finance team, CONTACT US to speak to one of our expert consultants to find out how we can help.

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ASK THE EXPERT – TOP TIPS AS YOU LOOK FOR A NEW JOB

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I want to look for a new job but I’m not sure where to start – what advice would you give?

Looking for a new job can be quite a challenge and requires time, effort and lot of research to ensure that you make the right decision. At the start of a new year in particular, a number of people decide that it is time to move roles – this can make the market more competitive. Before starting your search, there are few things that you should consider which will help you find your perfect role.

Why do you want to leave your current job?

It is vital that you try and pin down the reasons why you want to look for a new role. Is there something in your current role or company that is making you unhappy? Also try to work out if this feeling of dissatisfaction has been building for some time or if it is a recent development, perhaps stemming from a return to work after a holiday or break.

Often a break from the normal work routine can make us re-evaluate our choices or can highlight some areas of unhappiness which have been bubbling under the surface for a while but you haven’t had time to think about properly. Before looking at new roles, think about whether the things that you are unhappy about can be addressed by your current employer – for example, if the daily commute is having a negative impact is there flexibility in your working hours or options to work from home? If you are frustrated about a lack of progression opportunities, are there any upcoming projects which would give you exposure to new areas of responsibility?

If, after carefully examining your options, you can’t see any plausible solutions, then it may be time to look elsewhere.

Looking for a new job takes time

Once you have made the decision to actively search for a new role, don’t just rush into applying for any vacancy which sparks a little bit of interest. It is important to consider how this potential move could impact future career choices and how it may enable you to reach your longer-term goals.

Carefully consider what you want to gain and – just as importantly – what you don’t want from your next role. Once you get swept up in the excitement of a new offer it can be very easy to overlook some details which could put you right back where you started; by identifying what your lines in the sand will be, it will enable you to address any concerns during the recruitment process.

Research, research, research…

You want to arm yourself with as much information as you possibly can. Ensure you have a clear understanding of the skills and experience needed for the type of roles you are interested in and identify any areas where you need additional training or exposure to before you start applying.

As well as considering the role you would ideally like, take time to identify suitable companies and organisations that will be a good cultural fit. For example, if you thrive in a busy office environment, you are probably not best suited to a team that is primarily home-based.

Engage with a specialist recruitment consultant

Whilst there will be a number of vacancies posted on job boards and recruitment sites which you will be able to access yourself, it is worth remembering that there will be a vast number of other potential applicants all vying for the same roles. A specialist recruitment consultant that is focused solely on your industry sector (and quite often concentrating on roles at your level of experience) will have the inside track on the most attractive opportunities currently available, some of which will never make it to stage of being advertised publicly.

A good specialist will also be able to examine your career to date to give you a steer on the best routes to achieving your longer-term ambitions as well as offer a wealth of advice on how to champion your skills and experience to make you stand out to a future employer.

Take a targeted approach

Try to avoid the temptation to apply for lots and lots of vacancies simply because they look vaguely like a role you could do or be interested in. To stand the best chance of success, each application should be tailored specifically to the requirements outlined in the job role and description; this takes time so you should be looking to focus your efforts on a handful to key opportunities at a time – aim for quality not quantity.

Don’t lose sight of the end goal

Finding a new job can be a very time-consuming process; you might hit lucky and secure the perfect opportunity from your first application but more often or not you may find yourself going through the application and interview process several times before you achieve success.

Experiencing rejection can be demoralising but ensure that you get feedback on why you didn’t make the interview shortlist or get the final nod so you can learn and focus on improving your next application. Also, don’t be swayed into accepting an opportunity that isn’t right for you – think back to why you wanted to change roles in the first place and ensure that any move that you make is a sound one.

Good luck!

Sharp Consultancy specialises in the recruitment of temporary, interim and permanent finance and accountancy professionals. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for positions throughout Yorkshire and beyond. CONTACT US today to find out more.